Dow Chemical adjusted net exceeds view; new buyback set

RobertDaniel

NEW YORK (MarketWatch) -- Dow Chemical Co.,
DOW, +0.49%
Midland, Mich., reported third-quarter net income fell 36% on 9.8% higher revenue, with earnings hurt by a restructuring charge. Profit fell to $512 million, or 53 cents a share, from $801 million, or 82 cents, in the year-earlier period. Excluding the 45-cent charge to shut down a number of assets in an efficiency drive, Dow's earnings were 98 cents against 82 cents. Revenue reached $12.36 billion from $11.26 billion. A survey of analysts by Thomson First Call produced consensus estimates of 92 cents of profit on $11.99 billion of revenue. Pricing rose 11% in the quarter, with the strongest rise in basic chemicals. The pricing more than offset the impact of the 17th straight quarter of higher feedstock and energy costs, Dow said. The company also authorized a new $2 billion share buyback, to begin when the current authorization ends. In July 2005, the board authorized a 25-million-share buyback, more than 70% of which has been completed.

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